The company is expected to be valued up to USD 8.5 billion. The fintech has mandated KB Securities Co. as the lead IPO advisor and requested the Financial Supervisory Service to designate an auditor. The fintech arm of Kakao Corp., messaging app operator, has over 34 million users, boasting the largest number of users for a domestic mobile payment platform.
The company plans to use the IPO proceeds to tap into new business areas. The fintech platform is pushing to add a digital insurance unit to its portfolio in addition to the insurance and securities divisions. This will allow Kakao Pay to cover all areas of finance, with the exception of banking, which is accounted for by Kakao Bank.
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